St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-12-25

WWD THIS city 10 Portland,
Oregon, money seeks investment, and
the consequence has been that the banks
of st. Paul have volume of circulation
second only to Chicago. Country banks
throughout Minnesota, Dakota and Wis
cOnsin have deposit in local banks up
wards of four millions of dollars the
year round, and this is merely drop in
the bucket. Commencing at st. Paul
and going down the river to La Crosse,
thence to Omaha, north to Manitoba
and thence to Portland, Oregon, en-
braces the country that may be said to
be tributary to st. Paul, and the capital
of this immense territory all tends to
make this city the financial center of
trade.
Various opinions are entertained as
to the merits and dement's of the prOpO-
Sition to make st. Paul reserve city
like Chicago, the friends of the PROPOSE
ton claiming that it would induce more
and larger deposits, while the OppOSi
ton hold that the provision requiring
reserve city to keep % per cent of its
deposits on hand, instead of ID per
cent, as is now the case, would tighten
the money market and lock up funds
that should be in circulation for legit-
innate purposes. Under existing ar
rangementS money is comparatively
plentiful in st. Paul, and any enterprise
that has the requisite of stability can
command all the backing necessary.
Another feature that: contributes mate
rally to the business prosperity Of the
city is the fact that capital naturally
follows the line of railroads, and for the
various interests of that description
eentering here. st. Paul becomes the
distributing point.
THE CITY's BANKS.
There are i'm st. Paul seven national
banks and eight institutions organized
under state laws besides numerous pri-
vate banking houses and trust cOmpa-
MES and the GENERALIZATION OF business
and business capital has always been
clearly shown by the magnitude of its
banking exhibits. Money that used to
be sent east to New York and Chicago,
has within the past two or three years
been diverted into the business chan
nels of st. Paul where it has
remained subject to the demands
of its depositors, the saving in time
by this change being fifty hours as
against New York, and half that time
as far as Chicago is concerned. Making
the latter reserve city has also Injured
to the benefit of st. Paul and Minneap-
oils too, for that matter, since in bust
ness affairs the interests of the two
places are almost identical.
As jobbing center st. Paul has moth
ing to fear from cities lying east of it,
and the impetus given recently to man
ufacturing enterprises is one of the best
indications of its steady and substantial
growth as financial center. Hitherto,
where timidity marked business trans
actions, it has been difficult matter to
secure the right kind of men, those with
large means at their disposal, to engage
in undertakings that did not promise
immediate results, but this has already
undergone a marked change for the
better.
Opportunities are daily presented that
Immediately commend themselves to
thrifty capitalists and one of the most
important factors in the work of devel-
Opment has been the JObberS' union.
Members of that organization have gone
away from home up into the almost un-
known territory of the Northwest, in
veStigated for themselves, and made ac-
quaintances with the men who were i'm
proving that part of the United States,
and have thereby been enabled to reap
almost incalculable benefits by these
new connections.
From Dakota, Idaho, Washington and
Montana territories money has poured
into the lap of st. Paul, which can be
best likened to large hopper which ev-
erybody is trying to fill up with evil
denceS of material prosperity. 1t is no